Cryptocurrencies on February 21, 2018: outlook
*I don’t trade cryptocurrencies. The best strategy for trading a crypto bubble is a classic trend following strategy.
Here’s my outlook for various cryptocurrencies based on the aforementioned strategy.
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Discretionary outlook based on charts
- Bitcoin has some big resistances right here.
6:02 am. Bitcoin has some big resistances right here.
Bitcoin is still stuck in a bearish pattern of “lower highs and lower lows”. But even traders who think that Bitcoin is in a new bull market believe that Bitcoin will at least make a pullback here.
There is a confluence of resistances right here.
- 50 daily moving average
- 38.2% fib retracement of the entire decline.
- Trendline resistance.
Read more about cryptocurrencies on February 19, 2018.